Executive Renumeration

As outlined by the President at the 2006 AGM, below is a summary of the remuneration bands for the Chief Executive Officer ("CEO") of NRMA and General Managers reporting directly to the CEO as at 30 June 2006. 

'Remuneration' comprises the following components:

• Base salary; 
• Performance Incentive Plan payment; and
• Company superannuation contributions.
• The CEO may also participate in a Long-Term Incentive Plan.

In addition, General Managers are entitled to receive paid annual and long service leave in accordance with NSW legislation. 

The remuneration paid to the CEO is determined by the Governance, Compensation and Nomination Committee ("Committee") of the Board.  The Committee also reviews and endorses the CEO's recommendations for the remuneration paid to each General Manager. 

In forming its view of the appropriate remuneration paid to the Company's executive management, a report is commissioned from an independent remuneration consultancy in which comparisons are made to general management positions of a similar size and complexity in the marketplace. The report also provides information on general trends in executive remuneration and prevailing market conditions. These factors, along with the performance of the Company and of each executive, are considered in the annual remuneration review. Aggregate Remuneration for the executive leadership team for the year ended 30 June 2006 appears in the table below.

Renumeration	2005/06
$250,000 - $349,999	4
$350,000 - $449,999	3*
$450,000 - $549,999	-
$550,000 - $649,999	-
$650,000+	1

*Includes General Manager Commercial. Position became vacant May 2006.